# Central Asian Electric Power Corporation
**Central Asian Electric Power Corporation** (Kazakh/Russian: АО «Центрально-Азиатская электроэнергетическая корпорация», ЦАЭК), known as CAEPCO JSC, is a vertically integrated private energy holding in [Kazakhstan](https://www.edgepedia.org/kazakhstan) that generates, transmits, distributes, and sells electricity and heat in the northern regions of the country. It was founded on August 8, 2008, and serves more than two million residents.[1](https://caepco.kz/en/aboutus/about-corporation.html)
| Key fact | Detail |
|---|---|
| Founded | August 8, 2008; share issue registered October 10, 2008[1](https://caepco.kz/en/aboutus/about-corporation.html) • [2](https://caepcoar.kz/index_en.html) |
| Installed electric capacity | 1,306 MW per the company's current website; 1,318 MW in the 2023 annual report, in both cases a leading figure among private generating companies in Kazakhstan[1](https://caepco.kz/en/aboutus/about-corporation.html) • [2](https://caepcoar.kz/index_en.html) |
| Heat capacity and networks | 2,199 Gcal/h installed heat capacity and over 48.2 thousand km of power lines (current site); the 2023 report gives 2,949 Gcal/h and 987.01 km of heat networks[1](https://caepco.kz/en/aboutus/about-corporation.html) • [2](https://caepcoar.kz/index_en.html) |
| Customers | More than 2 million residents, over 12% of Kazakhstan's population counting the household coefficient[1](https://caepco.kz/en/aboutus/about-corporation.html) • [3](https://caepco.kz/en/aboutus/klyuchevyie-pokazateli.html) |
| Ownership (31.12.2025) | Sergey Kan 47.1%, Alexander Klebanov 47.1%, KIF ENERGY S.A.R.L. 4.02%, Central-Asian Power Energy Company JSC 1.78%[1](https://caepco.kz/en/aboutus/about-corporation.html) |
| Main subsidiaries | PAVLODARENERGO JSC, SEVKAZENERGO JSC, Akmola Electric Distribution Company JSC, CAPEC Green Energy LLP[1](https://caepco.kz/en/aboutus/about-corporation.html) • [4](https://caepco.kz/assets/files/ar_eng.pdf) |
| 2023 output | 6,710.30 million kWh of electricity; 5,200.15 thousand Gcal of heat[2](https://caepcoar.kz/index_en.html) |
## Structure and operations
CAEPCO was established in 2008 by Central-Asian Power Energy Company JSC (CAPEC) as a holding combining the energy assets of PAVLODARENERGO JSC, SEVKAZENERGO JSC, and Astanaenergosbyt LLP.[2](https://caepcoar.kz/index_en.html) The group's business model rests on vertical integration: its regional companies own generation, transmission, distribution, and sales of both electricity and heat, which the company presents as a way to stabilize the business and diversify risk.[2](https://caepcoar.kz/index_en.html)
**PAVLODARENERGO JSC** operates in Pavlodar city, Ekibastuz, and Pavlodar region. Its plants include Pavlodar CHP-3, the group's largest generating asset with 555 MW of installed electric capacity and 1,154 Gcal/h of heat capacity, Pavlodar CHP-2 with 110 MW, and Ekibastuz CHP with 12 MW.[2](https://caepcoar.kz/index_en.html) **SEVKAZENERGO JSC** serves [North Kazakhstan](https://www.edgepedia.org/north-kazakhstan) region from Petropavlovsk CHP-2, which the 2023 report lists with 541 MW and 713 Gcal/h; the subsidiary's own site gives 359.5 MW and 802.8 Gcal/hour for the plant and states that its coal comes from the Ekibastuz basin.[2](https://caepcoar.kz/index_en.html) • [5](https://www.sevkazenergo.kz/en/o-kompanii.html) [Electricity](https://www.edgepedia.org/electricity) produced by SEVKAZENERGO is delivered to the north, center, east, and south of Kazakhstan and beyond its borders.[5](https://www.sevkazenergo.kz/en/o-kompanii.html) In Akmola region the corporation controls Akmola Electric Distribution Company JSC, which transmits power over 110-35-10/6-0.4 kV networks across 14 districts and part of Astana.[6](https://caepco.kz/subsidiaries/arek)
The group employed 9,367 people at the end of 2023, of whom 4,695 worked in the PAVLODARENERGO group, 2,528 in the AEDC group, and 2,144 in the SEVKAZENERGO group.[2](https://caepcoar.kz/index_en.html)
## Ownership and financing history
[International development](https://www.edgepedia.org/international-development) institutions entered the company's equity early in its history. In 2009 the [European Bank for Reconstruction and Development](https://www.edgepedia.org/european-bank-for-reconstruction-and-development) bought a 24.99% stake, and in 2011 Kaz Holdings Cooperatief U.A. purchased 12.89% of outstanding shares on behalf of an Islamic infrastructure fund combining the [Asian Development Bank](https://www.edgepedia.org/asian-development-bank) and the Islamic Development Bank.[7](https://caepco.kz/assets/files/go_caepco_2014_en.pdf) In 2014 CAEPCO became the sole shareholder of Akmola Electricity Distribution Company, first receiving 51.59% of its shares in July and buying the remaining 48.41% in November; at that point CAPEC held 64.62% of CAEPCO and the EBRD 24.16%.[7](https://caepco.kz/assets/files/go_caepco_2014_en.pdf)
The current share register (as of December 31, 2025) shows the businessmen Sergey Kan and Alexander Klebanov holding 47.1% each, with KIF ENERGY S.A.R.L. at 4.02% and CAPEC JSC at 1.78%.[1](https://caepco.kz/en/aboutus/about-corporation.html) Forbes Kazakhstan has described the company as controlled by the two co-owners, who rank among Kazakhstan's wealthiest business figures.[8](https://forbes.kz/ranking/object/1080)
## Credit ratings
[Fitch Ratings](https://www.edgepedia.org/fitch-ratings) has rated the corporation and its two 100% subsidiaries since the early 2010s. In July 2016 Fitch downgraded CAEPCO's long-term foreign currency issuer default rating to 'B+' from 'BB-', citing the expectation that leverage would stay above 3x and interest coverage below 4.5x through 2016-2019 after the sharp tenge devaluation of 2015; 54% of the company's debt at mid-2016 was in US dollars while all revenue was in local currency.[9](https://kase.kz/en/information/news/show/1303475/) Fitch affirmed 'B+' in 2017 and 2018, then assigned 'B-' with a stable outlook in March 2019.[10](https://caepco.kz/investors/ratings) The same 2016 analysis noted that electricity and heat generation accounted for about 96% of EBITDA in 2015 and that CAEPCO produced 7.2% of Kazakhstan's electricity that year.[9](https://kase.kz/en/information/news/show/1303475/)
## Renewable energy
Since 2020 the group has included CAPEC Green Energy LLP, which built the Astana EXPO-2017 wind power plant in the Arshaly district of Akmola region, about 30 km from Astana. The plant has 29 Vestas wind turbines rated at 3.45 MW each, for a total of 100 MW, and was commissioned in two stages: the first 50 MW complex on August 26, 2019, and the second on November 26, 2020.[11](https://caepco.kz/assets/files/go/final_go-2021_angl-versiya.pdf) • [12](https://tengrinews.kz/kazakhstan_news/vtoruyu-ochered-vetrovoy-elektrostantsii-astana-expo-2017-423412/) The company describes it as the largest wind power plant in Kazakhstan, generating about 300 million kWh per year.[4](https://caepco.kz/assets/files/ar_eng.pdf) In 2021 the farm produced 350.636 million kWh (SCADA measurement) against 202.410 million kWh in 2020.[11](https://caepco.kz/assets/files/go/final_go-2021_angl-versiya.pdf)
## Environmental record
The corporation's thermal plants burn Ekibastuz coal and fuel oil. According to the company's environmental reporting, gross emissions of pollutants from group generation facilities fell 46.4% between 2009 and 2024, from 110.4 thousand tons to 59.2 thousand tons, driven by flue-gas ash cleaning emulsifiers, primary nitrogen oxide suppression, energy-saving measures, and equipment reconstruction.[13](https://caepco.kz/sustainability/environment) Its emissions table shows total pollutant emissions of 104.4 thousand tons in 2009 and 61.2 thousand tons in 2024 on coal consumption of 5.51 million tons.[13](https://caepco.kz/sustainability/environment) Reported CO₂ emissions were 8.5 million tons in 2024, with an intensity of 0.673 t/MWh.[14](https://caepco.kz/sustainability/climate) Under the National Carbon Quota Plan for 2023, the corporation purchased additional CO₂ quotas in 2024 for 71,329 million tenge.[15](https://caepco.kz/assets/files/go/caepco_annual_report_eng_2024_15_10_25.pdf)
## Incidents and modernization
In March 2022 a chimney partially collapsed at Petropavlovsk CHP-2; one female employee died, and the case was closed two years later without identifying those responsible.[16](https://fbrk.kz/en-gb/articles/accident-occurred-petropavlovsk-thermal-power-plant) On January 15, 2025, a local failure in the feedwater system near the deaerator shut down the station's main equipment; the company reported that heat supply to the city was not affected.[16](https://fbrk.kz/en-gb/articles/accident-occurred-petropavlovsk-thermal-power-plant) In 2023 the group carried out what its management called an unprecedented repair campaign at Ekibastuz CHP, overhauling 8 boiler units in a single season, and built new smokestacks at Pavlodar CHP-3 and Petropavlovsk CHP-2.[2](https://caepcoar.kz/index_en.html)
## Market position
Forbes Kazakhstan ranked CAEPCO 13th among the 75 largest private companies of Kazakhstan in its December 2025 list, up from 17th a year earlier, with 2024 revenue of 291.72 billion tenge, up 52.3% from 191.6 billion tenge in 2023, and net profit of 17.42 billion tenge.[8](https://forbes.kz/ranking/object/1080) The company's annual reports for 2020, 2023, and 2024 were recognized by the [Kazakhstan Stock Exchange](https://www.edgepedia.org/kazakhstan-stock-exchange) as the best among real-sector companies.[1](https://caepco.kz/en/aboutus/about-corporation.html)
## References
1. [About Corporation, CAEPCO JSC](https://caepco.kz/en/aboutus/about-corporation.html)
2. [CAEPCO JSC 2023 Annual Report](https://caepcoar.kz/index_en.html)
3. [Key Indicators, CAEPCO JSC](https://caepco.kz/en/aboutus/klyuchevyie-pokazateli.html)
4. [CAEPCO Annual Report (2022), Key Information](https://caepco.kz/assets/files/ar_eng.pdf)
5. [About Company, SEVKAZENERGO JSC](https://www.sevkazenergo.kz/en/o-kompanii.html)
6. [АО «АРЭК», CAEPCO subsidiaries page](https://caepco.kz/subsidiaries/arek)
7. [CAEPCO Company Overview, Annual Report 2014](https://caepco.kz/assets/files/go_caepco_2014_en.pdf)
8. [АО «Центрально-Азиатская Электроэнергетическая Корпорация», Forbes Kazakhstan ranking](https://forbes.kz/ranking/object/1080)
9. [Fitch downgrades Central-Asian Electric-Power Corporation's ratings, KASE](https://kase.kz/en/information/news/show/1303475/)
10. [Рейтинги, CAEPCO](https://caepco.kz/investors/ratings)
11. [CAEPCO Annual Report 2021, Astana EXPO-2017 Wind Farm section](https://caepco.kz/assets/files/go/final_go-2021_angl-versiya.pdf)
12. [Вторую очередь ветровой электростанции «Астана EXPO-2017» ввели в эксплуатацию, Tengrinews](https://tengrinews.kz/kazakhstan_news/vtoruyu-ochered-vetrovoy-elektrostantsii-astana-expo-2017-423412/)
13. [Охрана окружающей среды, CAEPCO](https://caepco.kz/sustainability/environment)
14. [Изменение климата, CAEPCO](https://caepco.kz/sustainability/climate)
15. [CAEPCO 2024 Annual Sustainability Report](https://caepco.kz/assets/files/go/caepco_annual_report_eng_2024_15_10_25.pdf)
16. [Accident at Petropavlovskaya CHP-2, ФБРК](https://fbrk.kz/en-gb/articles/accident-occurred-petropavlovsk-thermal-power-plant)
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*Topic: Encyclopedia › Technology and the built world › Energy technology › Grids and transmission › Utilities, outages, and country sectors › Generation companies and power producers › Central Asian and other state power producers*
*Initially written Oct 15, 2026 · Edited: Oct 25, 2026*
*Copyright 2026 EdgeChat AI, a subsidiary of Biostate AI.*
License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license